Benchmark Regulation Resources

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Benchmark Regulation Resources

Benchmark Regulation Details

UK Benchmark Regulation

The UK Benchmark Regulation established a framework for the provision of regulated benchmarks in the UK, including requirements on appropriate governance and oversight of regulated benchmarks, robust benchmark methodologies, input data reliability and conflicts of interest management.

The regulation follows-on from IOSCO’s Principles for Financial Benchmarks (IOSCO Principles) published in 2013, a set of recommended practices for benchmark administration.

On 16 October 2019, Bloomberg Index Services Limited (BISL) was granted authorisation by the UK’s Financial Conduct Authority (FCA) to provide benchmark administration services in the UK (and, at the time, the EU).

BISL is listed on the UK Financial Service Register and the FCA Benchmarks Register.

EU Benchmark Regulation

As a UK-established entity, as of 1 January 2021, BISL is a third-country benchmark administrator for purposes of the EU Benchmark Regulation (EU BMR).

The EU BMR contains a transition period for third-country administrators for the continued provision of benchmarks into the EU until December 31, 2025. BISL currently uses this transition period and continues to provide its benchmarks into the EU for use by EU-located persons.

BISL intends that benchmarks administered by BISL which are in scope of the EU BMR will continue to be available for use in the EU after the end of the transitional period thereunder i.e. after 31 December 2025. BISL has applied to ESMA for recognition under the EU BMR as the mechanism for continued EU market access to its benchmarks.

Licensing Requirement

No benchmark or index administered by Bloomberg Index Services Limited or level created by using a function on the Bloomberg Terminal is available or intended for use (i) as a ‘benchmark’ within the meaning of the EU and/ or UK benchmark regulation and / or similar regulation in any other jurisdiction or (ii) in any other manner whatsoever without the appropriate usage license having been granted by BISL or one of BISL’s affiliates.

Additional Resources

Control Framework

Please contact bislcompl@bloomberg.net to request access to BISL’s control framework.

The previous version can be found here.

Complaints

To request a copy of Bloomberg’s complaints policy or to submit a complaint regarding a Bloomberg index or index determination, please send correspondence to idxcomplaint@bloomberg.net or to the following postal address:

Bloomberg Index Services Limited c/o Bloomberg L.P.,
3 Queen Victoria Street,
London EC4N 4TQ, United Kingdom
Attn: Index Compliance